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Acting NBG President Confirms IMF Program Suspension

On September 26, during the interview on PalitraNews TV channel, Acting NBG President, Natia Turnava officially confirmed that the IMF program has been suspended. “We will do everything we can to get the program back on schedule,” – she stated, adding that the pause in the program took place in the spring of this year, with additional questions recently raised by the IMF. She noted: “The departure of three Vice-Presidents at the same time was, of course, an important fact that raised a lot of concern and questions both inside and outside our organization”.

The IMF-supported program originally included a three-year stand-by arrangement with a loan of $289 million. After the completion of the first tranche of $40 million, Georgia was due to receive the second tranche this summer, but the IMF postponed the submission and Board approval of the second review of Georgia’s Stand-by Arrangement /SBA, stating that the delay in Board approval was “partly due to disagreement over a change in the NBG’s management structure”.

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